Seedr.com has completely changed how I download movies and TV shows. Before discovering Seedr, downloading large files was always a frustrating and slow process. It would take forever to get a full movie or an entire season of a show, plus my hard drive would quickly fill up. But with Seedr, everything became so much easier and faster.

What I love about Seedr is how it takes all the heavy lifting off my internet connection. Instead of my computer trying to download torrents bit by bit, Seedr uses its powerful servers to download the files directly to my cloud storage. This means I don’t have to wait hours for a download to finish or worry about losing connection midway. Once Seedr has the file, I can instantly access it from anywhere, on any device—no installation or complicated setups required.

Many other users, like me, praise Seedr for its speed and simplicity. I’ve read numerous reviews where people highlight how convenient it is to manage downloads entirely through their browser. Plus, it’s perfect for those of us who don’t want to clutter our computers with huge files. I can store all my movies and shows in Seedr’s cloud and stream or download whenever I want, without filling up my laptop or phone memory.

Another thing I appreciate is the reliability. I’ve been using Seedr for a while now, and it rarely lets me down. The interface is straightforward, and even if I encounter any issues, their support team is quick to help. I like feeling safe knowing Seedr handles torrent downloading securely and privately since I don’t need to connect directly with torrent swarms.

Using Seedr has saved me so much time and hassle. Instead of waiting hours while my device struggles with downloads or worrying about running out of storage, I can enjoy my favorite movies and TV shows seamlessly. It’s like having my personal cloud downloader that does all the work for me.

Overall, Seedr.com has become an indispensable tool in my digital life. Whether you’re a casual downloader or a media enthusiast, I highly recommend giving Seedr a try. It has made downloading faster, easier, and more enjoyable for me, and I’m confident it can for you, too.

2013 Goal

Reading List: 1) Financial Statement analysis by MARTIN FRIDSON and FERNANDO ALVAREZ
                      2) Boomerang by Michael Lewis
                      3) Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in FS by          Howard Schilit

Action List: 1) Finish Knowledge Map, Skill Map, Relationship Map
                    2) Start building SOP and analysis check list
                    3) Perform a full analysis on one company or industry.

上櫃興櫃產業價值鏈資訊平台

http://www.otc.org.tw/ch/regular_emerging/ic2/



可惜沒包括上市公司

Street Fighters - The Last 72 Hours of Bear Stearns, the Toughest Firm on Wall Street

This is a very detailed account of what had transpired in the last remaining days of Bear Stearn. The book focused on the interactions of the key insiders during the last few days and hours. The book gives a good background on the last management team and their precursors in order to make sense of what culminated into the condition of Bear Stearn prior to its demise. The accounts give readers a good sense of the management not having the foresight and decisiveness to control the crisis at hand, and finally exhausted all of their options at the very last minute, and became vulnerable prize for the taking.

資訊揭露最透明和最不透明的公司一覽

台積電等十檔，奪得上市櫃資訊揭露評鑑最高等級「A+級」。圖為台積電董事長張忠謀。

（本報系資料庫）上市櫃公司第八屆資訊揭露評鑑結果出爐。台積電（2330）、太醫（4126）等十檔上市櫃，奪得評鑑最高等級「A+級」前十名；宏盛（2534）、恆義（4205）等19家上市櫃，列為最差等級的「C-」。

證交所及櫃買中心委託證基會評鑑的上市櫃公司資訊揭露，共分「五級制」，評鑑等級最佳及最差依序為「A+」、「A」、「B」、「C」、「C-」等五級。最新的第八屆資訊揭露評鑑結果已經出爐。



第八屆受評的上市公司有705家、上櫃公司485家。除上述「A+」及「C-」等級家數外，評鑑列為「A」級有416家「其中上市241 家、上櫃175家。「B」級561家，其中上市324家、上櫃237家；「C」級151家，其中上市96家、上櫃55家。「中間等級」的「B」級家數最多，顯示上市櫃公司資訊揭露還有「進步空間」。



證基會表示，受評上市櫃公司中，資訊揭露等級為「A+」的有43 家，其中上市公司34家、上櫃公司九家；「A+」前十名將接受表揚的上市公司則有台積電、中華電、京城銀、統一證、元富證、晶技、台灣大、創意、遠傳等九家，及太醫一家上櫃公司。



資訊揭露評鑑最低等級「C-」級的上市櫃公司計有19家，其中上市公司十家、上櫃公司九家。分別為上市公司的本盟、勤美、春雨、新利虹、宏盛、櫻花建、大榮、萬企、第一店、匯僑；上櫃公司的旭軟、恆義、福大、美嘉電、福裕、台聯櫃、安碁、晶磊、志旭等。



證基會表示，亞泥、統一、南亞、中華電、聯電、富邦金、元大金、中信金、遠百等119檔，都屬於自願性揭露資訊較透明的上市櫃公司。紅電醫、基泰、位速、中光電、艾華等五檔上市櫃公司，則是被評鑑列為資訊揭露「進步公司」。

Wall Street 2

I've finally watched Wall Street 2. It is better than I thought, although the love story was clearly distracting to the movie plot. Thankfully it was only a small part of the movie. It is hard to top what was set in Wall Street, so I wasn't expecting watching this one. I was thoroughly pleasant to find the movie this good.
My favorite part is the reenactment of what happened to Bear Stearns when it was desperate in finding a buyer. Of course in reality, JP Morgan's $2 offer was accepted, even though it was raised later on to $10 to appease the angry shareholders who were threatening to launch a lawsuit. I do find it important that JP Morgan raised the offer from $2 to $10. So if there was no competing offer or shareholder uproar, they would've gotten away with $2? Whatever happened to fairvalue? They said it was fair value but they were willing to pay either $2 or $10?
But I digress, I think Oliver Stone should've included this little tidbit into the movie. Overall the movie was entertaining. My only beef with the movie is that Jake Moore is a prop. trader, but he spends all of his time pitching investment banking deals, during trading hours. In fact, through out the entire movie, he didn't accomplish a single trade! he even got his broker friend to trade on his personal account for him. what's going on man?
On the internet, someone mentioned that in the movie, all the big shots were staring at Level II quotes. These are basically the order quotes before they were completed. that's tiny small mistake in the movie because in these days where flash trading is all over the place, looking at Level II quotes really dont get you much information anymore. but this is an honest mistake and is easily forgiven. still gets a small laugh tho.

Index of Economic Freedom - Taiwan

Interesting indeed.
business freedom, government spending rating, trade freedom are among the highest in the world. however, as expected, labor freedom, freedom from corruption, and financial freedom are low.

A demon of our own design

Richard Bookstaber has a little different background from most other arthors whose books i've read. He came from an academic background but joined wallstreet as a risk manager. The book is full of his anecdotal accounts from work, as well as theories from the academia.

The first half he details the events leading to various market crashes and scandals (eg. Salomon and LTCM), intermittently with his personal experience during the events. He moves on the stories as salomon was incorporated into travelers and later citigroup.
The latter half of the book focuses more on why the market has become so complex, and it is essentially this complexity and tight coupling of the market that leads to the overall increase in risk of the mareket, which causes each next crash to be bigger than the ones before. There are several interesting thing I have found to be very interesting. first, he believes that contrary to popular belief, regulating or raising the transparency of hedge funds will not help the future of the market since hedge funds are esstentially made of every single possible investment strategies known to men. as transparency of their position increases, so do their attempts to hide/take advantage of it. he believes to decrease the complexity of the market is the key. Another thing he has noted is that despite his background in quantitative trading, he believes accounting can contribute much more than it is now, as the current accounting method is based on tangible assets for corporations of the last century instead of intangible assets which are what make modern companies valuable. instead of valuations, he hopes companies can release data such as training expense per employee, customer retentation rate for investors to use. an easier more correct valuation method can certainly keep the market more steady.

Overall, this was quite an amazing read.

小摩報告唱衰 勝華翻臉揚言提告

There is a Chinese Wall there in for a good reason - to curb or at least minimize insider trading. 勝華如此的大動作是把市場參與者都當作是傻瓜.


小摩報告唱衰 勝華翻臉揚言提告
自由 更新日期:"2010/10/21 04:11"

〔記者陳梅英／台北報導〕摩根大通昨日上午出具一份報告，表示因為蘋果第二代iPad明年將問世，第四季之後第一代iPad出貨恐在第四季通路開始清庫存後放緩，摩根大通甚至建議客戶此時正是了結勝華時機點。

該報告引發勝華不滿，勝華晚間罕見地於證交所上傳重大訊息，直接點名摩根大通這份報告的假設沒有提出明確依據，並指出，若影響股價、損害股東權益，將對該名分析師採取法律行動。

摩根大通與勝華關係一向友好，今年初勝華赴海外發行海外存託憑證還是委託摩根大通辦理，由於勝華正準備掌握時機，再次發行海外存託憑證，原本摩根大通仍是主辦券商，勝華昨日則公告，將停止與摩根大通集團海外存託憑證合作事宜。摩根大通一份報告引發市場議論紛紛外，並與公司交惡，倒是少見。

摩根大通報告中指出，勝華最近三個月來股價表現優於同業，股價已經漲多，但第一代iPad出貨高峰已過，由於第二代iPad即將於明年第二季推出，為避免堆積過多庫存，第四季iPad出貨將明顯放緩，這將使得勝華第四季營收動能下滑。

摩根大通預估，勝華第四季營收將落在181億元，低於第三季的195億元，與目前一般預估勝華第四季因新產能開出，營收將持續比第三季成長二成看法差異頗大。

目標價下修至39元

此外，報告也指出，因為友達、奇美電等大廠加入，在垂直整合能力具備優勢下，將威脅勝華市佔率，並預估在各廠積極擴增產能下，觸控面板產能包括10吋與3吋將於明年第二季起供過於求，價格戰轉趨激烈，摩根大通給予勝華「劣於大盤」投資評等，將勝華目標價下修為39元。

據了解，撰寫這份報告的摩根大通分析師為新人Narci Chang，摩根大通原來的面板分析師林良俊則在數月前跳槽高盛。

The Warren Buffet Portfolio

While The Warren Buffet Way focuses on the methods and examples of value investing, The Warren Buffet Portfolio focuses more so on the building of a portfolio, as well as the mindset of a value investor. The first few chapters of the book covers the reasons of chooseing value investing before other known methods, and the evolution of the academia's view on investing. These chapters would seem redundant to a person already practices value investing (or wants to practice value investing). However, it does make a nice summary to refer to. The latter part of the book are seemingly disoriented, but upon a close inspection, one can find englightment not normally found elsewhere. The author has gone out of his way to research disciplinary topics not covered by finance. For example, Hagstrom mentioned the topic of Complex Adaptive System as a way to explain the markets. Indeed, the market behaves as if it can never be consistently predicted, like an adaptive system. more reasons to adhere to fundamentals of individual companies instead of predicting the broad economics.

2010年20大台灣國際品牌

The Perfect Hedge

最近在網路上有看到對於兩個東西的解釋
1) Gold漲是投資人對應通膨的預期
2) 10年 treasury bill yield跌到了2.7%, 大批買入是為了應付對通縮的預期. 一旦通縮, 2.7%反而會是很好的投資.

兩者矛盾.
最可能的原因, 恐怕是gold其實並不是大家所想像的通膨避險, 而是對任何的不確定性的避險, 不管是通膨還是通縮.
David Einhorn曾說當美國政策壞的時候, gold就會漲, 美國政策好的時候, gold就會跌. 當美國預計未來將會有盈餘的時候, 也就是gold跌的時候.

The little book of common sense investing

while this book was informative, there was really nothing new for an investor already in for the index. this was more so oriented towards beginners. even so, bogle did not offer actual basic investing procedures for the beginner target audience. i suspect this is merely a condensed version of his other books and thus, many important things had to be cut out in order to fit in only the basic ideas of index investing.

肥貓抓不完／16家賠錢公司 董事照領逾百萬

somethings never change...

上市櫃公司肥貓每年總是抓不完！根據證交所最新公布的去年上市櫃公司董監事酬勞，其中有十六家公司去年營運出現虧損，但每位董事平均仍領百萬以上酬金，其中萬泰銀、旺旺保兩家公司連續三年虧損，董事照領酬勞，顯示金管會抓金融肥貓成效不彰。

友達虧二六七億 董事領二七○萬

根據各上市櫃公司輸入公開資訊觀測站的資料顯示，去年百餘家公司出現虧損，仍發放董監事酬勞，其中以友達去年虧損二六七億元、但平均每位董事仍領二七○萬元，居所有上市櫃公司之冠，另外面板廠的華映、彩晶，去年虧損也超過百億元，每位董事平均一樣領百萬元酬金，小股東真是情何以堪！

還有主管機關抓肥貓盯最緊的金融業，三家公司還是照樣出現肥貓，萬泰銀去年虧損七十一億元，每位董事照領一七七萬元酬勞；日盛金去年也虧五十五億元，每位董事也領一五一萬元；還有旺旺保險去年虧損一．四億元，每位董事也收到一五九萬元的大紅包。

萬泰銀、旺旺保連三賠 紅包沒少給

更令人不解的是，萬泰銀、旺旺保兩家公司，已經連續三年虧損，但還是連續三年發放金額不低的董監酬勞，日盛金連兩年虧損也照發董監酬勞，讓主管機關威信全無。

另外華航、陽明兩家公司，董監事幾乎都是官派，兩家公司去年也分別大虧三十八億元及一五八億元，但平均每位董事照領八十三萬元及七十七萬元酬金，等於是官派董監事帶頭違反公司治理，應該將領到的董監酬勞交還公司，免得落人口實。

三十四家公司 董事薪酬逾千萬

去年景氣好轉，上市櫃公司獲利成長，因此董監酬勞也水漲船高，根據統計，去年共有三十四家公司平均每位董事加計兼任員工酬勞超過千萬元，其中三分之二是電子業，又以宏碁每位董事兼任員工酬勞達五八八七萬元最高，聯發科五二二六萬元居次；至於傳產股則以正新的四二○七萬元最高，金融業則以中信金的一七四○萬元居首。

Note to self

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台股基金上半年績效 全軍覆沒

在盤整的時期, 每次基金也輸大盤. 只有在直線漲或直線跌的時候會猜對方向而以



台股基金上半年績效 全軍覆沒
自由 更新日期:"2010/07/02 04:11"

〔記者李錦奇／台北報導〕台股基金上半年績效出爐，結果全軍覆沒，沒有一檔賺錢，平均虧損 13.12%，表現比大盤同期跌幅10.5%還差，不少基金投資人都很失望，只能咬牙苦等解套。

六月份，是投信法人作帳的最後時刻，尤其航運股、航空股、中概股，都可見特定法人狂買認養影子，不過，從出爐的基金績效來看，並未明顯帶動台股基金績效，單月還是平均虧損1.86%，表現不如大盤。

累計今年上半年，台股基金全部都是虧損，且約有76%跌得比大盤還重，不少投資人賠了兩三成，也覺得無奈，不知道為何連專業基金經理人都無法擊敗大盤，無法轉虧為盈。

統計顯示，上半年表現比較好的台股基金，包括群益葛萊美、日盛精選五虎、金鼎寶櫃基金、匯豐成功、金鼎概念型、富邦精銳中小、聯邦中國龍、保德信中小型、兆豐國際豐台灣、柏瑞巨人基金，虧損約在-2.49%～-6.22%之間。

相較之下，採模組操作的平衡型基金表現相對較好，元大組合交易基金、元大強勢配置基金，上半年都是正報酬，分別增值3.42%、1.24%。

展望台股後市，元大投信表示，台股近日受歐美股市拉回影響而跟著修正，不過預期要立即再跌破前波低點機會不高，7月份應該還有再次反彈機會，但因量能結構、歐美股市仍不穩，台股波動還是大。

第一金投信亞洲科技基金經理人楊長富表示，雖然國際情勢尚未明朗，但科技股可望有PC換機潮，未來成長空間仍看好。

群益亞太中小基金經理人蘇士勛認為，儘管技術面來看，以中國為首的亞太股市近期面臨較大拉回壓力，但過去國際股市幾次大回檔後，亞太區域型基金1年後的報酬幾乎全部為正，值得參考。

匯豐太平洋精典基金經理人石永平表示，投資氣氛不佳，歐美股市反彈遇到季線、半年線就湧現壓力，修正下跌就創波段新低，反彈力道不強，顯示經濟動能確實走緩，股價要往上突破壓力機會不高，預期亞股將呈現區間往下走勢。

三商銀報告：明年台股破12,682
2010-05-29 01:12
工商時報
記者孫彬訓／台北報導
　　三商銀最近內部股市研究報告出爐，預計今年上半年回檔後，將出現「超級買點」，之後台股將進入主升段，搭配景氣熱絡及「中華民國100年」的到來，天時地利再加上人和，明年將一舉衝破台股天險，突破12,682點，再創歷史新高。

　三商銀報告一向是金融界中最具指標的內容，過去資金回流研究引起關注，這次針對台灣GDP成長率、 CPI、失業率、ECFA效應、上市櫃公司稅後純益、現金股息等方面綜合研究，並以模型跑出結果，並首度大膽預言，2011年，台股一定會突破 12,682點。

　三商銀主管說，今年上半年，最長延續到第3季初的這波回檔，仍有低接買盤支撐，且都不妨礙即將到來的大多頭格局，進場價位當然越低越好，三商銀已將這波回檔視為「財富重分配的最後買點」，現正準備豐沛銀彈，預計找尋合適的時間點全力分批加碼，迎接2011年的歷史高點行情。

　其中重要的因素就是台灣僅有的「兩岸紅利」，一方面是大陸上證指數第3季政策大方向底定，企業第4季淨利又將看漲下可望轉強，將帶動台股一起雨露均霑。

　ECFA效應也與中國和香港的CEPA效應相同，當初CEPA簽訂後，帶來的資金動能使香港股市與房市雙漲，香港恆生指數從2003年9月的11,229.87點，一路最高來到31,958.41點。此外至2009年為止，大陸可投資台灣的證券類QDII，共計核准規模為409.65億美元，若以10％的投資額度，可為台股動能帶來1,294億元，且中國證監會表示，台股將不受10％限制，未來台灣額度鬆綁後，資金效應可望擴大。

　至於今年的指數目標，三商銀預估年底指數目標在8,700～9,000點。今年下半年開始的這波主升段，主要上漲族群，預計將以中概、金融為領頭羊，搭配電子股，將帶領台股走出新格局。

　金融股方面，三商銀表示，已盤整近一年半，現屬被低估族群，隨著利率走出低檔，利差逐漸擴大，金融政策指標意義相當重大，將在今年第3季末、第4季初，搭配5都選舉，走出長多格局，有機會一路漲到2011年。

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這記者是怎麼一回事, 這麼愛說笑, 三商銀有共同研究中心還是這是牛肉麵店新開的銀行?

余祥銓有上新聞, 股市沒有跌

減資前最後一天....看看會不會真的上來嘍

4月


5月

i did a rough calculation, the index dropped 4% since then, 零壹3029 has dropped over 20%!